George III oval countermark on Spain 8-Reales 1788 SC Seville AU50

George III (1760-1820), oval countermark upon Spanish Eight Reales of King Charles IIII (1788-1808), 1788 SC, struck in Seville, small oval hallmark of George III right at centre of obverse, bust of Charles IV laureate and draped right, date below, legend and toothed border surrounding, CAROLUS.IIII. DEI. G., rev. crowned quartered shield of arms, legend surrounding, .HISPANIARUM. REX., (ESC 135 R3; Bull 1851; S.3765A). Dark tone, has been graded and slabbed by NGC as AU50 and very rare.

NGC certification 4494781-004.

These emergency countermarked coins were struck in relation to a crisis with the silver coinage at the end of the 18^th Century where the supply of silver in commerce and for the Mint had dwindled due to the Wars in France after the Revolution in 1797. From March 1797 the Bank of England therefore released stocks of its Spanish dollars each with an oval countermark valued at 4s and 9d for currency. They did not really alleviate the problem of smaller change and were issued on an off with the oval countermark until a more complex larger octagonal mark replaced them from January to May 1804, as the oval pieces were being counterfeited. Eventually the octagonal replacements were also copied widely and the ultimate solution was to have the Soho Mint totally overstrike the Spanish Dollars with the Bank of England design.

The initials S and C on the reverse stand for Seville and Mint Master Carlos Jiminez Almaraz.